FISV Value Scorecard - Fiserv

Value Scorecard · run 2026-10-18

13 value checks: 12 scored 1 to 5, plus moat evidence

50/60

high value score

Earnings & returns

EPS Trend

5/5

Diluted EPS: $3.91 (2022), $4.98 (2023), $5.38 (2024), $6.34 (2025). It rose every year; the framework scores that as 5.

ROE Trend

3/5

ROE (net income / common equity): 8.2% (2022), 10.3% (2023), 11.6% (2024), 13.5% (2025). Median 10.9%, lowest 8.2%; the framework scores a median 10-15% as 3.

ROIC

3/5

ROIC of 10.3%: operating income of $5.82B divided by $56.24B of capital (total assets $80.13B minus current liabilities $23.89B), fiscal year to Dec 31, 2025, as filed in the 10-K (SEC EDGAR). The framework scores 10-15% as 3.

Profit Margins

4/5

Net margin of 13.4%; the framework scores 10-20% as 4. Calculated from the quarterly statements in yfinance (four quarters to Jun 30, 2026) because yfinance's summary figure was not available.

Balance sheet & cash

Debt-to-Equity

3/5

Debt-to-equity of 1.04; the framework scores 0.8-1.5 as 3 (total debt $28.03B, total cash $245.00M). Calculated from the balance sheet in yfinance (at Jun 30, 2026) because yfinance's summary figure was not available.

Free Cash Flow

4/5

Free cash flow (operating cash flow minus capital expenditure): $3.14B (2022), $3.77B (2023), $5.06B (2024), $4.30B (2025). It rose every year but one and ended above 2022; the framework scores that as 4.

Retained Earnings

5/5

Retained earnings, as filed in the 10-Ks (SEC EDGAR): $17.38B (2022), $20.44B (2023), $23.57B (2024), $27.05B (2025). It rose every year; the framework scores that as 5.

Valuation models

Graham IV

5/5

IV = EPS x (8.5 + 2g) x (4.4 / Y) = $5.21 x (8.5 + 2 x 12.8) x (4.4 / 4.5) = $173.71. Current price $47.55; price is 72.6% below the model value. Calculated from the quarterly statements in yfinance (four quarters to Jun 30, 2026) because yfinance's summary figure was not available.

DCF Value

5/5

FCF/share = $7.383, stage 1 growth = 5.4% for 5 years, terminal growth = 3%, discount rate = 10%. Stage 1 PV = $32.53, PV of terminal value = $87.74, DCF value = $120.28. Current price $47.55; price is 60.5% below the model value. Free cash flow here is operating cash flow minus capital expenditure. Calculated from the quarterly statements in yfinance (four quarters to Jun 30, 2026) because yfinance's summary figure was not available.

Margin of Safety

5/5

Graham value $173.71 (price is 72.6% below the model value); DCF value $120.28 (price is 60.5% below the model value).

Price-to-Book

5/5

P/B of 0.94; the framework scores below 1.0 as 5.

Business quality

Moat Evidence

Not scored

A moat (a brand, a network, switching costs, patents, scale, a licence) is not a number in the filings, so Valerius doesn’t score it. Below are the figures and the words moat analysis starts from, from the company’s own 10-K filings. The conclusion is yours.

Return on capital, each year

Above 15% in 3 of 10 years (2016-2025); lowest 2.6%, highest 18.9%.

Gross margin, each year

Not reported: the filings don’t state a gross profit or cost of revenue figure, as is common for oil and gas companies, banks and insurers.

Competition, in the company’s own words · 10-K filed Feb 19, 2026

The market for technology products and services is fragmented, highly competitive, and served by a multitude of large and small businesses. Our principal competitors include other large, integrated providers of financial services technology and payment systems, data processing affiliates of large companies, processing centers owned or operated as user cooperatives, financial institutions, merchant acquirers, ISOs,

The opening of the company’s “Competition” section in its 10-K, quoted word for word, not summarized or edited. It is the company’s own description, not Valerius’s view, and may include the company’s expectations. Open the filing.

Return on capital = operating income / (total assets − current liabilities), the ROIC row’s definition; 15% is the framework’s return threshold. Gross margin = gross profit / revenue. Both from each year’s 10-K via SEC EDGAR. Moat analysis commonly looks at whether returns and margins held up over many years. These figures don’t say whether the company has an advantage, what it is, or whether it will last.

Capital Allocation

3/5

Capital allocation, 2022-2025: dividends or buybacks paid in every year (pass); $19.24B paid out against $16.27B of free cash flow (fail: paid out more than free cash flow); total debt $21.54B to $29.12B, up 35.2%, 3.3x EBITDA (fail: up more than 10% and above 2x EBITDA); shares outstanding 0.63B to 0.53B, down 15.2% (pass). 2 of 4 tests passed; the framework scores that as 3.

Filings

Company notices to the SEC

Not scored

Three kinds of event the company reported to the SEC in the last 5 years, from its filings on SEC EDGAR.

These are events the company reported to the SEC. An auditor change or a late filing can have many causes; each date links to the filing, where the company explains it. Valerius does not score these.

How the Graham and DCF values were calculated

  Graham Formula:
    IV = EPS x (8.5 + 2g) x (4.4 / Y)
    EPS = $5.21, g = 12.8%, Y = 4.5
    IV = $173.71
    Current price $47.55 vs Graham value $173.71 — price is 72.6% below the model value.

  DCF:
    FCF/share = $7.383
    Stage 1 growth = 5.4% for 5 years | terminal growth = 3.0% | discount rate = 10.0%
      Y1: $7.782 → PV $7.074
      Y2: $8.202 → PV $6.778
      Y3: $8.645 → PV $6.495
      Y4: $9.112 → PV $6.223
      Y5: $9.604 → PV $5.963
    Stage 1 PV sum = $32.53
    Terminal value at end of Y5 = $141.31
    PV of terminal value = $87.74
    DCF value = $120.28
    Current price $47.55 vs DCF value $120.28 — price is 60.5% below the model value.

Data from yfinance summary figures and financial statements, and from the company’s 10-K filings via SEC EDGAR; computed at a price of $47.55. Every score is calculated from the figures by the framework’s fixed rules, and the explanation beside it is generated from the same figures: Graham value, DCF value, margin of safety, ROIC, profit margins, debt-to-equity, price-to-book, EPS trend, ROE trend, free cash flow, retained earnings and capital allocation. No AI is involved in this scorecard. The moat is shown as evidence, without a score. Read each score with the figures beside it. Intrinsic value calculations are model outputs based on stated assumptions, not predictions.

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